In brief mid-markets

Amsterdam-based buyout fund Egeria Private Equity II has held a third closing on €358m. Ahold Pensioenfonds and Van Lanschot Bankiers are among the Dutch institutional investors already in the fund, which was launched last December on the back of an anchor €250m commitment from Bregal Investments. Investment will focus on Dutch middle-market companies with enterprise values of €50m to 150m. The fund has already invested in frozen snacks producer Ad van Geloven and Muelink & Grol to the tune of €54.3m. Egeria is also in advanced discussions with Royal Mosa to acquire a majority stake in the company.

  • MAN Technologie will be acquired by a consortium comprising OHB Technology, a listed German supplier of space and satellite services and Munich-based technology holding company Apollo Capital Partners. TMN estimates the total value of the transaction to be in excess of US$50m based on turnover and intellectual assets. OHB Technology and Apollo Capital Partners have signed an agreement with German industrial conglomerate MAN on the acquisition of 100% of the shares in MAN Technologie. The company is active in the aerospace sector, primarily as a supplier of the European Ariane-5 rocket as well as tank systems for the aviation industry. The company, which generated revenues of around €100m in 2004, will trade under the name MT Aerospace and continue to be based in Augsburg. Apollo Capital Partners was formed in 1999 and is led by managing partner Hans Steininger. The team of Apollo Capital Partners has completed more than 10 transactions involving in excess of €120m of total financing.
  • Funds advised by listed German private equity firm Deutsche Beteiligungs (DBAG) have acquired the Clyde Bergemann group. DBAG signed a contract with the group’s present owner, US-based investment group Saw Mill Capital. The transaction value – the purchase price on a debt-free basis – is some €90m (US$110m). Only in March, DBAG announced it was selling its stakes in Babcock Borsig Service, another German maintenance provider for fossil-fuelled power plants, to Bilfinger Berger. The Clyde Bergemann group is a provider of components for fossil-fuelled power plants. In financial year 2004–05 ended February 28, the group generated sales of US$180m, with a staff of about 900. Deutsche Beteiligungs and co-investment fund DBAG Fund IV will acquire the majority in Clyde Bergemann and provide equity totalling some €33m.
  • HgCapital, the UK-based private equity investor, signed an agreement to lead the management buyout of Germany’s Addison Software and Service. The acquisition, which values the company at €78m, is expected to close later this month, subject to regulatory approval. Addison is a leading, privately owned German application software company.